CMS Sept 2022

Internal Use Only

Agency Mortgage-Backed Securities (MBS) Pools • GNMA, FNMA, FHLMC • Universal Mortgage-Backed Securities (UMBS)

• Individual mortgage loans grouped by underwriting characteristics

• Sold on a pro-rata share basis

• Ownership percentage determines amount of the interest and principal you receive monthly

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Internal Use Only

Agency Mortgage Derivative Products

Pools take principal and interest and pass it along to investors based on their ownership

Mortgage Derivative Products create a structure that distributes the principal and interest payments based on the characteristics of each tranche in the structure

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